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denis-greek [22]
2 years ago
12

Stefanie opens a checking account at her neighborhood bank and writes a check on her account. The legal relationship between Ste

fanie and the bank can be described as:
a. a customer relationship.
b. a secured transaction relationship.
c. an agency relationship.
d. a sales relationship.
Business
1 answer:
Bingel [31]2 years ago
3 0

Answer:

c. An agency relationship

Explanation:

An agency relationship is a mutual relationship, in which one person (i.e the principle ) gives a permission to an agent so as to act on their behalf.

In this relationship the agent must consent to the instructions of the person i.e the principle.

Here in the question, Stefanie acting as Principal who has directed the agent (which is the bank in the given case ) to execute a task.

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The Allowance for Bad Debts account has a credit balance of $ 5 comma 000$5,000 before the adjusting entry for bad debts expense
GaryK [48]

Answer:

62,200 allowance ending

Explanation:

allownce 5,000 credit

<u>Because the bad debt is calculate over the sales,</u> the bad debt expense is the result of that estimated, without considering the beginning balance of the allowance.

22% of net credit sales will be uncollectible:

260,000 x 22% = 57,200

<u>Now ending balance will be beginning + uncollectible for the period</u>

5,000 beginning

57,200 uncollectible for the period

62,200 allowance ending

4 0
3 years ago
Read 2 more answers
Assume Coronado Industries deposits $98000 with First National Bank in an account earning interest at 8% per annum, compounded s
kiruha [24]

Answer:

Future Value= $156,901.16

Explanation:

Giving the following information:

Assume Coronado Industries deposits $98000 with First National Bank in an account earning interest at 8% per annum, compounded semi-annually.

To calculate the future value of this investment, we need to use the following formula:

FV=PV*(1+i)^n

PV= 98,000

i= 0.08/2= 0.04

n= 6*2= 12

FV= 98,000*(1.04^12)= $156,901.16

6 0
3 years ago
When creating a data backup plan or policy, what five basic questions should be answered?
Tresset [83]
Each establishment, whether small or big, government-owned or private companies, always have to backup their files in case of emergencies. As you make your backup plan, you must come across these five basic key questions:

1. Are you backing up all your data? You have to sort your files to be backed up because storage can be limited.

2. How often is your data backed up? You must make sure to back up your data on a regular basis, if not day-to-day.

3. Who is responsible for your backups? For big companies, it is too big of a task for one person to shoulder. Usually, this is tackled by a department, usually the I.T. Department.

4. Do your backups actually work? You should test regularly if these back ups actually work by restoring data files every now and then.

5. Do you have right backup checks and balances in place? The I.T Department tackling backup plans is one thing. But there should also be checks and balances so that you have a backup of your backup. It's better to be safe than sorry.
6 0
3 years ago
The following items are taken from the financial statements of Cullumber Company for 2022:
Doss [256]

Answer:

                                          Cullumber Company

                                          Balance Sheet

                                          As at 2022

Explanation:                      Amount in $

Current Assets

Accounts Receivable           12,500

Cash                                      13,000

Prepaid Insurance                  6,600

Supplies                                  4,600

Total Current Assets            36,700

Non-Current Assets

Equipment (225,000-36,900)  188,100

Total Assets                            <u>  </u><u>224,800</u>

Liabilities & Shareholders' Equity

Current Liabilities

Accounts Payable                10,600

Notes Payable                      65,000

Salaries Payable                      3,900

Total Current Liabilities           79,500

Equity

Common Stocks                      97,000

Retained Earnings (25,900+133,000-21,400-13,600-2,600-16,800-33,500-6,700)                                          64,300  

Dividends                                   (16,000)

 Total Equity                              145,300

Total Liabilities & shareholders' equity    <u>224,800</u>  

4 0
3 years ago
A product sells for $250 per unit, and its variable costs per unit are $181. The fixed costs are $430,000. If the firm wants to
brilliants [131]

Answer:

$6600

Explanation:

Given: Selling price= $250 per unit

          Variable cost= $181 per unit.

           Fixed cost= $430000.

           Expected Profit= $25400.

Let´s assume the number of units sold be "x".

Revenue (R) = 250\times x= \$250x

Cost of product (C)= \$ 181\times x+ \$ 430000

∴ Cost of product (C)= \$ 181x+ \$ 430000

Now, finding the number of unit sold.

Forming an equation for profit.

We know, Profit= Revenue-cost

⇒  \$ 25400= 250x- (181x+430000)

Opening parenthesis.

⇒ 25400= 250x- 181x- 430000

⇒ 25400= 69x- 430000

Adding both side by 430000

⇒ 455400= 69x

Dividing both side by 69

⇒ x= \frac{455400}{69}

∴ x= 6600 units

Hence, total number of units sold to earn $25400 is 6600 units.

     

           

6 0
3 years ago
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